This week there will be some news on the Euro Zone Industrial Production on Monday. Followed on Tuesday with German ZEW survey and Euro Zone ZEW survey. Together with the US Advance Retail Sales.
There's a fundamental view that the EURO is under some financial turmoil.
The technicals are showing that it is currently moving sideways.
If you're an Elliot Waver then the current wave can be interpreted as a wave 3 of 3 towards the downside.Wave 3 is the largest and aggressive wave movement.
I have a short position opened on 1.274. Now it's 1.266. Waiting for the right moment to close this position and get a couple of pips from the market. Who knows what news will bring us next week. If it breaks below 1.25 I will short again as this is the the next low on 13 July 2010.
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